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The story
PRIO officially updated its brand and changed its name from PetroRio to PRIO in May 2022 (Folha Vitória). The choice of the new name was inspired by the four-letter acronym (PRIO) that the oil company already used for its shares traded on the Stock Exchange (B3). According to the company, the change aimed to reposition it in the market as an "OilTech" and simplify communication, since the term already functioned as a consolidated nickname among employees, analysts, and investors. For purely formal and bureaucratic purposes, the change of the legal corporate name (from Petro Rio S.A. to Prio S.A.) was finalized and approved at a shareholders' meeting a little later, in August 2023 (Citi DR).
From Wikipedia’s article on PRIO S.A., shared under CC BY-SA 4.0.4